IMPROVED taxation and education must be significant parts of the economic policy businessmen would like to see when President Benigno Aquino 3rd and his Cabinet step down after the May 2016 elections.
Emmanuel Bonoan, vice chairman of KPMG, on Tuesday said the next administration should focus on overhauling the Tax Code in order to maintain the country’s economy robust.
“There are proposals to overhaul the Tax Code because the last code in its present form was made in 1998 and it has been amended piecemeal through the years,” Bonoan said.
All the proposed amendments should be unified to increase the competitiveness of the country, Bonoan noted.
“We should unify all tax laws to increase the competitive environment of the Philippines. The amendments should be done all together,” he added.
While supporting the move in Congress to lower the income tax, Bonoan said this should be viewed within the wider context of taxation.
“As a businessman, I think that is very good because it helps the economy. People have more money to spend, but we should also situate that in the bigger context. It has to be comprehensive, not just focusing on one kind of tax,” he added.
Tax reform should take place in order to maintain, if not increase, the government’s present revenue collection, according to the businessman.
For his part, Jurgen Tanpho, general manager for Asia at American Data Exchange
Corporation (ADEC), said the next administration should continue investing in education.
“The next administration needs to invest in young people through education,” he said.
Over the past 10 years, Tanpho noted the Philippines made a significant investment in education. Because of this investment, he said, companies benefited a lot by hiring the right and well-educated human resources.
“The next government should continue the hard work and the investment in education in order that the country will grow further in the coming years,” he said.
Tanpho likewise threw his support for the K to 12 program of the Department of Education.
“The proponents of K to 12 need our encouragement for them to continue its implementation amid strong oppositions and criticisms,” he said.